Amendment of section 51
119. In the Customs Act, section 51 shall be renumbered as sub-section (1) thereof, and-
(a) in sub-section (1) as so renumbered, the following proviso shall be inserted, namely:––
“Provided that the Central Government may, by notification in the Official Gazette, permit certain class of exporters to make deferred payment of said duty or any charges in such manner as may be provided by rules.”;
(b) after sub-section (1) as so renumbered, the following sub-section shall be inserted, namely:-
“(2) Where the exporter fails to pay the export duty, either in full or in part, under the proviso to sub-section (1) by such due date as may be specified by rules, he shall pay interest on said duty not paid or short-paid till the date of its payment at such rate, not below five per cent. and not exceeding thirty-six per cent. per annum, as may be fixed by the Central Government, by notification in the Official Gazette.”.
Notes on Clauses:
Clause 119 of the Bill seeks to renumber section 51 of the Customs Act as sub-section (1) thereof and to insert a proviso in sub-section (1) so as to empower the Board to permit certain class of exporters specified by notification to make deferred payment of duty or any charges in the manner provided by rules.
It also seeks to insert a new section therein to empower the Central Government to fix the rate of interest not below five per cent. and not exceeding thirty-six per cent. per annum where the exporter fails to pay export duty either in full or in part within the date specified by rules.
